Calidi Biotherapeutics Inc.
CLDI evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for CLDI—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CLDI
Calidi Biotherapeutics Inc. (CLDI) is a clinical-stage biotechnology company developing oncolytic virus-based immunotherapies for cancer, with no approved products or revenue, and a history of operating losses.
Key risk: No approved products or revenue
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates for Calidi Biotherapeutics Inc..
Calidi Biotherapeutics Inc. (CLDI) is a clinical-stage biotechnology company developing oncolytic virus-based immunotherapies for cancer, with no approved products or revenue, and a history of operating losses.
- Calidi Biotherapeutics is a clinical-stage company with no products approved for sale and no revenue from product sales [sec_mda · as of 2026-05-14].
- As of June 30, 2026, the company reported cash & equivalents of $4.3M, net loss of -$4.2M, shareholders' equity of $1.8M, and total debt of $0.6M [sec].
- The company has incurred significant operating losses, with an accumulated deficit of $145.7 million as of March 31, 2026 [sec_mda · as of 2026-05-14].
- Calidi expects expenses to increase as it advances its product candidates through clinical development and seeks regulatory approval [sec_mda · as of 2026-05-14].
- The company's existing cash is not sufficient to complete development of its lead candidates (CLD-101, CLD-201, CLD-400), requiring additional funding [sec_mda · as of 2025-08-08].
What works
- The company has advanced its product candidates into clinical development, indicating progress in its pipeline [sec_mda · as of 2026-05-14].
- Calidi has secured funding through multiple sources including private sales of common stock, warrants, convertible notes, and public securities, demonstrating some access to capital [sec_mda · as of 2026-05-14].
- The company is pursuing a novel oncolytic virus platform that could address unmet medical needs in oncology, a high-growth field [sec_mda · as of 2026-05-14].
What to weigh
- Calidi has no approved products and has never generated revenue from product sales, with no expectation of near-term revenue [sec_mda · as of 2026-05-14].
- The company has a history of significant operating losses, with a net loss of $4.2 million for the quarter ended June 30, 2026, and an accumulated deficit of $145.7 million as of March 31, 2026 [sec][sec_mda · as of 2026-05-14].
- Existing cash of $4.3 million as of June 30, 2026 is insufficient to complete development of its lead candidates, creating a need for additional financing that may not be available on favorable terms [sec][sec_mda · as of 2025-08-08].
- The company faces significant uncertainty regarding its ability to obtain regulatory approval and commercialize its product candidates, with no guarantee of success [sec_mda · as of 2026-05-14].
From the filings
Quoted directly from source documents.
The company has no approved products and no revenue from product sales.
“not have any products approved for sale and have not generated any revenue from product sales.”
SEC MD&A · May 14, 2026
The company has incurred significant operating losses and has a large accumulated deficit.
“Our net loss was $4.1 million for the period ended March 31, 2026. As of March 31, 2026, we had an accumulated deficit of $145.7 million.”
SEC MD&A · May 14, 2026
Existing cash is insufficient to complete development of lead candidates.
“Our existing cash will not be sufficient to complete development of CLD-101, CLD-201 and CLD-400. Accordingly, we will be required to obtain further funding to achieve our business objectives.”
SEC MD&A · August 8, 2025
The company expects expenses to increase as it advances its pipeline.
“We expect our expenses to increase in connection with our ongoing activities, particularly as we continue our research and development, initiate clinical trials, and seek marketing approval for our current and any of our future product candidates.”
SEC MD&A · May 14, 2026
Risks & what to watch (4)›
Key risks
- No approved products or revenue — Calidi has no products approved for sale and has never generated product revenue; future revenue depends on successful development and regulatory approval [sec_mda · as of 2026-05-14].
- Insufficient cash to complete development — As of June 30, 2026, cash of $4.3M is insufficient to complete development of lead candidates CLD-101, CLD-201, CLD-400, requiring additional funding [sec][sec_mda · as of 2025-08-08].
- History of operating losses — The company has incurred significant losses, with a net loss of $4.2M for Q2 2026 and an accumulated deficit of $145.7M as of March 31, 2026 [sec][sec_mda · as of 2026-05-14].
- Dependence on future financing — Calidi will need to raise additional capital through equity or debt offerings, collaborations, or licensing, which may not be available on favorable terms [sec_mda · as of 2025-08-08].
What to watch
- Progress and results of clinical trials for lead candidates CLD-101, CLD-201, and CLD-400 [sec_mda · as of 2026-05-14].
- Ability to secure additional financing to fund operations and development beyond current cash runway [sec_mda · as of 2025-08-08].
- Regulatory milestones such as IND filings and BLA submissions for product candidates [sec_mda · as of 2026-03-27].
- Any partnership or collaboration agreements that could provide non-dilutive funding or commercialization support [sec_mda · as of 2026-05-14].
Sources: SEC MD&A · Generated August 27, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
3.2 months
D/E 1.30 · 0% dilution
Lead: Phase 1
2 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
25
Total value held
$377K
| Holder | Shares | Value |
|---|---|---|
| armistice capital, llc | 879,000 | $210K |
| sabby management, llc | 434,903 | $104K |
| geode capital management, llc | 63,019 | $15K |
| vanguard capital management llc | 51,018 | $12K |
| rs crum inc. | 40,256 | $10K |
| jane street group, llc | 34,802 | $8K |
| belpointe asset management llc | 19,921 | $5K |
| northern trust corp | 17,758 | $4K |
| farther finance advisors, llc | 10,000 | $2K |
| morgan stanley | 9,467 | $2K |
Showing top 10 of 25 institutional holders of Calidi Biotherapeutics Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 20.4%
- Days to cover
- 0.3
- Shares short
- 3,038,967
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CLDI short interestGovernance
Frequently asked questions
What is the AI investment thesis for Calidi Biotherapeutics Inc.?
Calidi Biotherapeutics Inc. (CLDI) is a clinical-stage biotechnology company developing oncolytic virus-based immunotherapies for cancer, with no approved products or revenue, and a history of operating losses.
What is Calidi Biotherapeutics Inc.'s lead drug candidate?
Calidi Biotherapeutics Inc.'s most advanced tracked candidate is cld-201 (Phase 1) for Soft tissue sarcoma, breast cancer, head and neck cancer.
Who is the CEO of Calidi Biotherapeutics Inc.?
Dr. Eric E. Poma Ph.D. is the chief executive officer of Calidi Biotherapeutics Inc. (CLDI).
Where is Calidi Biotherapeutics Inc. headquartered?
Calidi Biotherapeutics Inc. (CLDI) is headquartered in San Diego, CA, United States.
What therapeutic areas does Calidi Biotherapeutics Inc. focus on?
Calidi Biotherapeutics Inc. develops therapies across Oncology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.